This one-day event will provide a national forum for councillors and senior officers from local government to come together with influencers and stakeholders to examine the challenges faced by communities struggling with personal debt. Register for your conference pass today.
Key speakers include:
- Chris Woolard, Director of Policy, Risk and Research, Financial Conduct Authority
- Money Advice Service
- The Bishop of Derby
- Adrian Harvey, Head of Consumer Policy, Citizens Advice
- Matthew Whittaker, Senior Economist, Resolution Foundation
- Cllr Lib Peck, Leader, Lambeth Council
- Mary Burguieres, Lead Manager for Policy and Strategic Partnerships, Surrey County Council
- Stella Creasy MP
The current economic climate has led to a mix of public and political attitudes towards consumer credit, public lending and financial services regulation. Increases in the cost of living, low wage growth, high levels of consumer debt and changes to welfare have increased the demand for short term credit. The Personal Debt Summit will provide a forum for debate around the ‘moral merits’ of lenders and lending practices.
The Government and the regulators have responded to public concern by making some limited changes to the regulation of the industry, including the transfer of the regulation of the consumer finance sector to the FCA and new restrictions on the business practices of the sector.
The pay day market has developed because the mainstream financial services sector have taken little initiative in developing products to meet the needs of those customers who need short term loans, but do not fi t the risk profile for traditional overdrafts or bank lending.
High profile campaigns from the Church of England, politicians such as Stella Creasy and the work of local authorities has opened up debate around the responsibility of Government to strengthen the regulation of the sector. The Personal Debt Summit will look at the growing demand for personal credit and the growth of payday lenders and explore solutions.
A key focus of The Personal Debt Summit will be to explore the roles of Government, local authorities, churches, credit unions and housing associations, to support those in debt and meet the demand for credit not currently provided by mainstream lenders.
The challenges of debt will not be solved by alternative short term credit alone. The Personal Debt Summit will focus on how to tackle the complex issues faced by local authorities and those with an interest in the financial health of individuals and address key questions including:
- How can the UK develop a greater financial capability, promote financial education and debt awareness?
- What is the impact of benefit and welfare reforms, including council tax localisation, benefit caps, the under occupancy penalty and the roll out of universal credit?
- What guidance and best practice exists for local authorities, social landlords and creditors who deal with those in debt?
- How do you tackle the root causes of debt including the regulation of high cost credit, welfare and benefit reform, low wages and poor employment practices?
For more information, please go to: www.debt-summit.co.uk
